RE/MAX Real Estate Blog

Last week Re/max Edmonton posted this article recapping the summer sales figures for Edmonton and area real estate, addressing the minor decline in residential housing prices. When comparing June and July sales figures to new August number this trend becomes apparent, however when comparing housing prices year-over-year there is an obvious incline showing growth in the market.

As with all economic activities, the real estate market in Edmonton is strongly correlated to the population spike the city has been experiencing. In our most recent blog post, The Infill Trend, we addressed possible issues arising from population growth and the many steps being taken for the city to benefit positively from this change. At the heart of every solution was the creation of more residential living space in same geographic area we already occupy.

Edmonton Population Factors Compared to Other Major Canadian Cities (click to expand). Image Credit: Living in Canada

According to municipal census stats, the population of Edmonton has increased by 60,000 individuals in the past two years, for a current total of around 835,000. Within the next 10 years that number will break the one million marker. This strong need for residences, or the necessity for land to create more efficient styles of residences has a created strong demand. In addition to rising prices, another outcome of this housing pressure is expediency; properties are selling in significantly shorter time periods than what we have seen previously.

According the EREB sales figures, sales prices have increased by 14% when compared to the same summer months last year. By the end of August 2013 approximately $5 billion worth of homes had sold, whereas the total for August 2014 is $5.7 billion. An 11% increase has also occurred in the actual number of residences sold compared to the same time in 2013.

Edmonton August Sales Highlights (click to enlarge) . Source: EREB

According to EREB President Greg Steele:

“There has been some pressure this summer with a tight inventory of available homes and lots of new customers but low interest rates and new construction are enabling people to find a suitable home in the Edmonton area.”

He goes on to say:

“We move into the fall with 5,334 residential properties in the inventory and a vibrant market. Homebuyers and sellers are encouraged to work closely with a REALTOR® to find a suitable home in their preferred neighbourhood and price range.”

If you are interested in becoming a home buyer, or working on an infill project of your own click here to search for properties available in Edmonton and surrounding areas.

The current population of the city of Edmonton is around 835,000.

Projections expect that number to break one million within the next 10 years. If that number is hard to swallow, consider these statistics: in the next 30 years there is an expectation of half a million new residents living within city limits. That’s like the entire population of Saskatoon, Saskatchewan picking up and moving to Edmonton…TWICE. Every one of those 500,000 new neighbours of ours will need a bed to sleep in, a kitchen to cook in, and access to all the same amenities we use each and every day.

What is the key to this potential population crunch? New housing in established neighbourhoods. And the number one strategy to achieve this measure is infill projects.

Project Definitions. Source: City of Edmonton

The City of Edmonton is looking ahead, and presently establishing solutions to keep the city thriving while supporting an elevating population in the distant, as well as not-so-distant future. The city developed the “Evolving Infill” project which liaised with any and all interested members of the community to establish a conversation about the pros and cons of the upsurge of residential infill. The dialogue took place from November 15, 2013 and was wrapped up this August, 2014 when an extensive report was been published with in-depth responses to the challenging questions posed to concerned citizens.

Taking into account the information gleaned from this project, the city is now able to move forward in an effort to encourage and support the creation of more diverse housing options. The two year work plan explains measures taken to make the entire infill process more streamlined, with higher degrees of efficiency. Many of these measures address the inefficiencies of bureaucracy  and attempt to remove some of the red tape attached to municipal construction projects. Examples include addressing zoning bylaw location criteria (opening up more opportunities for garage or garden suites), changing RF1 zoning to allow narrower subdivisions of land, and simplifying approval processes for medium density houses in RF3 zones.

The city has published a user friendly guide to this new action plan (in plain English for us non-contractors out there), “Edmonton’s Infill Roadmap” outlining measures and approaches expected to change in the coming months and years.

Excerpt from the publication. Source: City of Edmonton

Excerpt from the publication. Source: City of Edmonton

According to an anonymous contributor to the report:

“My neighbourhood desperately needs to infills to replace tired housing stock, and also to provide enough density to support the schools and commercial businesses in the area.”

While a contractor explains:

“If garage suites were allowed, this would allow the original house to stand and the homeowner still to increase density while also having an income suite.”

Infill is important for a young, growing city; by making the best use of existing infrastructure we can allow for the thriving population expected within the next three decades. For more information on infill visit the City of Edmonton’s website, to create a custom search of properties available for purchase CLICK HERE and speak with an agent about exciting potential for infill projects in an area of your choice.

St. Albert is located in Edmonton’s north-westernmost corner, with major throroughfares connecting the two. Though St. Albert’s borders are virtually indistinguishable from Edmonton’s, it is politically deemed a separate city. With a geographical area of just under 50 km squared and a population of over 61,000 and growing, it is a fraction of Edmonton’s size, yet encompasses all the amenities of, and proximity to, big city life.

Map showing Saint Albert’s proximity to Edmonton. Image Credit: nacha.ca

The surprisingly independent community has its own rich history separate from the development of Edmonton. Founded in 1861 by Father Albert Lacombe,2 the the small Métis community became the town of St. Alberta in 1904. It thrived, due to it’s proximity to Fort Edmonton, and become known locally as a popular resting point for journeying First Nations peoples on their travels. Agriculture, and specifically the construction of two important grain elevators, contributed significantly to the burgeoning economy.

St. Alberta, 1912. Image Credit: St. Albert Historical Network

Through it’s evolution from settlement, to Town, to City, St. Albert has developed a strong foundational infrastructure. The city has it’s own transit system, the renowned Sturgeon Community Hospital, a public school system, an Athabasca University satellite campus, and a municipal governing body comprised of a mayor and six city councilors. The city also has a blend of residential communities and major commercial areas, including St. Albert Centre, a premier shopping destination.

Just last year, MoneySense Magazine, published an article on the best places to live in Canada, and the top ranking city was none other than St. Albert, Alberta.  The ranking accounted for criteria such as employment rate, public transit, arts and culture, crime rates, and access to medical care. Here is the SHAW TV report on the article:

St. Albert has a noteworthy arts and cultural community, with thriving establishments like the Art Gallery of St. Albert, and St. Albert Place. For the more recreationally  inclined, the city is renowned for it’s Red Willow park trail system, the recently developed, Servus Credit Union Place.

St. Albert Place. Image Credit: AlbertDiary.ca

CLICK HERE to view available properties in St. Albert.

The communities of Dunluce, Oxford, and Kensington are prominent neighborhoods in Edmonton’s residential north-west.

The borders of Dunluce run from 127 Street to Castle Downs Road, and from 167 Avenue to 153 Avenue. As explained by the City of Edmonton, in the 1970’s the city expanded its northern borders in response to the rising population caused by the oil boom. It was during this expansion that the communities of Castle Downs, including Dunluce, legally became part of Edmonton.

Dunluce Treestand. Image Credit: City of Edmonton

The neighborhood is home to two elementary schools, as well as The Castle Downs Recreation Centre, a dry pond, and the Dunluce Treestand, and is therefore conducive to family living, and recreational lifestyles. The area has a very active community league and activities include dance, soccer, softball, Pilates, gymnastics, and even Spanish classes.

About half of the area is comprised of single-family dwellings while the remainder are a mix of apartments, duplexes, and few mobile homes. Just over sixty-percent of homes are owner occupied.

Click Here  to view Dunluce properties for sale.

Oxford falls to the west of Dunluce, sharing it’s 127 Street border. It sprawls as far west as 133 Street and from 167 Avenue in the north down to 153 Avenue. The neighborhood of Oxford is part of the larger Edmonton area the Palisades ASP (area structure plan), which was annexed to the city in 1982. It was just after this that residential development began, and was completed in 1999.

This scenic area is positioned around a large, central green space and a small water feature that functions as both an area amenity as well as a storm sewer.

Oxford, Edmonton. Image Credit: COCL

Oxford shares a community league with it’s southern neighbor, the community of Cumberland, which is heavily active in organizing youth recreation programs. Additionally they also organize educational and cultural events year-round.

Around ninety-percent of residences in the area are single-family dwellings, the remainder are duplexes, and overall the rental rate is around ten-percent.

Click Here to view properties for sale in Oxford.

Kensington falls farther South than both Oxford and Dunluce, spanning from 137 Avenue and 113a Street, to 132 Avenue and 127 Street. Named after the trendy district in London, England, Kensington is a comparatively old neighborhood in the city’s north-west, it’s official annexation to Edmonton occurred in 1913.

The bulk of residential development didn’t occur until post-world war II and tapered off in the 1960’s. About sixty-percent of the area is single-family dwellings, followed by rental apartments, condominiums, and then duplexes. Around seventy-percent of residences in the area are owner occupied.

Kensington Elementary School. Image Credit: EPSB

Kensington, through primarily residential, is home to an elementary school, medical offices, and some small commercial developments that have cropped up on the corners of it’s main thoroughfares. These include small shops, restaurants, and other amenities.

CLICK HERE to view Kensington homes for sale.

The burgeoning communities of Canossa, Chambery, and Elsinore are three of Edmonton’s newest residential areas, located in the north-west, found just south of the Anthony Henday. These small areas were previously used for agricultural purposes and have now been appropriated for residential use within less than two decades. Their northern location and access to thoroughfares make them a popular in-town location for personnel of the CFB (Canadian Forces Base) located just north of Edmonton.

The borders of Canossa reach from 121 Street to 112 Street, and from just south of the Henday to 167 Avenue. Construction on this purely residential area began in the 1990’s, with around 80% of the residences constructed as single-family dwellings and the remainder as duplexes and row houses. Canossa is considered to be an entirely owner occupied area.

Canossa Treestand. Image Credit: Edmonton.ca

A unique area feature is the Canossa Treestand, a patch of deciduous forest with an open grass meadow which accommodates for a diversity of plant species and wildlife. According to the City of Edmonton,

“This treestand provides foraging habitat and cover for many bird species and small mammals…there are also possibilities of viewing species that are less common in more urbanized areas, such as white-tailed deer and coyote.”

As is convention in Castle Downs, this subdivision was named after a famous Castle, Canossa Castle in Bologna, Northern Italy, which still stands today.

CLICK HERE to view homes for sale in Canossa

Chambery falls to the East of Canossa, carrying on from 112 Street to 105 Street. This area’s residential overhaul began slightly later than Canossa, and though the bulk of construction occurred in the early 2000’s, development continues presently.

Named for the Chateau de Chambery in France, the elegant houses in this upscale neighborhood attempt to exude the same luxury of French countryside estates. Around 644 dwellings make up this community, and while this number may seem small, the area has more than doubled in size since it’s 300 dwellings in 2005.

Chambery Residence. Image Credit: Yegishome.ca

Future development plans include two parks and recreational areas along with a central school. In attempt to maintain the residential feel of the neighborhood, there are no plans for commercial development to date.

CLICK HERE to view properties for sale in Chambery

Elsinore falls easternmost of the the three carrying on to 97 Street. It’s southern border lies around 174 Avenue and extends north to the Henday. Slightly older than Canossa and Chambery, Elsinore slowly began development after 1985. The comminuty is named after Elsinore Castle in Denmark, which was interestingly the central location in Shakespeare’s Hamlet.

Elsinore Pathway System. Image Credit: Yegishome.ca

The city has taken advantage of a pipeline corridor running through the neighborhood, to create a park and pathway system with a unique water feature, and many of the residences back on to this scenic green space.

Predominantly owner owner occupied single-family dwellings, just less than 20% of the residences are duplexes or row houses.

CLICK HERE to view homes for sale in Elsinore.

The communities of Garneau, Strathcona, and Bonnie Doon neighbor each other from West to East, all bordering 82 Avenue to the north. Known to be exceptionally vibrant and culturally rich areas of Edmonton they are always trendy spots to visit, and make for lively neighborhoods to live in. With easy access to south-side amenities, the University of Alberta campus, and river valley and ravine trails, there’s something for everyone.

Garneau runs along 82 Avenue from 107 Street to 112 Street, spanning to it’s northern border of Saskatchewan Drive. Formerly a community in the city of Strathcona, it was adopted by Edmonton in 1912, making it one of the oldest south-side communities. Garneau takes it’s name from an original inhabitant of the time, Laurent Garneau, a consort of Louis Riel and successful trader with the Hudson’s Bay Company.

Garneau is notable for the trendy shopping district of Whyte Avenue; dotted with boutiques, cafes, and a plethora of nightlife venues. In the summer months it is a bustle of activities and festivals, when shoppers flood the sidewalks, and cafes and bars open their patios.

Whyte Avenue at night. Image Credit Travel Alberta

Garneau properties are comprised mostly of rental units predominantly occupied by Univerisity Students living in the hi-rise apartments so popular to the area. There is also a mix of single family dwellings, and homes considered Heritage Sites by the City of Edmonton.

Click here to view properties for sale in Garneau.

With Whyte avenue shopping spilling over into Strathcona, one of Edmonton’s oldest conversions, the area maintain a freshness and vibrancy as a major cultural center for Edmonton’s arts community. The area is home to the Edmonton Arts Barns which houses the popular Old Strathcona Farmer’s Market as well as the Fringe Theatre Company, not to mention the scores of restaurants, coffee shops, and boutiques running along Whyte Avenue.

Old Strathcona Farmer’s Market. Image Credit where.ca

The former city and it’s many communities were incorporated into Edmonton in 1912, and this area in heart of Strathcona maintained it’s original name. Like Laurent Garneu, Lord Strathcona was an important figure in the Hudson’s Bay Company.

Strathcona neighbors Garneau to the East, picking up where it leaves off at 107 Street and continues until it’s natural border ending at the Mill Creek Ravine. It too spans 82 Avenue to Saskatchewan drive, meaning a majority of its boundaries lead to scenic river valley walking trails. Around three-quarters of the residences in this area are apartment style buildings, mostly rentals, while the remainder are comprised of single-family dwellings, row houses, and duplexes.

Click here to view Strathcona properties for sale.

Bonnie Doon neighbors Strathcona on the eastern side of Mill Creek Ravine, carrying on until Connors Road/83 Street. Interestingly, the land was named for Premier Ruthorford, but rather than taking his name his Scottish heritage was honoured; the name Bonnie Doon recalls the “pleasant, rolling countryside” of Scotland.

Bonnie Doon is home to Edmonton’s exciting French quarter, La Cité Francophone, a cultural centre for the Francophone community of Edmonton. Including the University of Alberta’s Campus Saint-Jean, and the trendy Cafe Bicyclette, where you can comfortably order your latte in English or in French.

Cafe Bicyclette, Campus Saint-Jean. Image Credit University of Alberta

Bonnie Doon has a more residential feel to it, as the bustling livliness of Whyte Avenue tapers off a few blocks before the ravine. There are more owner occupied residences of the area, which is comprised of more single family dwellings. It centers around the convenience of Bonnie Doon Shopping Centre, providing all the necessary amenities for living in the area.

Click here to view properties in Bonnie Doon.

The numbers are in for 2013

…and true to form, Re/Max Real Estate has exceeded fundraising expectations.  Canadian and U.S. offices raised over $8 million dollars last year for the CMN through various campaigns.

Re/Max’s lasting partnership with the Children’s Miracle Network includes many campaigns in place to secure necessary funding for this important organization, including the Miracle Home Program.

Every minute 62 children are treated by a CMN network hospital

What does this program involve, you ask? You may have experienced driving past the familiar red, white, and blue of a Re/Max “FOR SALE” sign and noticed the often-accompanying CMN hanger. What you may not have realized is that this sign represents a commitment by that individual agent to donate a set percentage of each and every sales commission directly to the CMN.  Commitment to the Miracle Home Program is in addition to the hours of fundraising events attended throughout the year, by brokers, agents, and staff members alike.

This is a show of agents going above and beyond, and making a difference in their own communities.  Next time you see a Re/Max sign be sure to look for a CMN hanger, you may start noticing them a lot more often, and start to see the signs of Re/max agents making meaningful differences all over your neighborhood.

Through the strength of this partnership, Re/Max has been able to provide over $130 million to 170 children’s hospitals since it’s humble beginnings in 1983. When known achievers set their sights, they truly make miracles happen.

The largest CMN contributor is Re/Max of Western Canada